William Blair & Company, Chicago, said it acted as exclusive financial advisor to Wenner Bread Products, Inc. in a recapitalization deal involving members of the bakery's founding family and Frontenac Company, another Chicago private equity investment firm. Financial terms were not disclosed.

Wenner, Bayport, N.Y., supplies frozen dough, frozen par-baked and frozen fully baked breads and rolls nationwide to retail bakeries, food retailers' in-store bakeries and foodservice operators. Frontenac is a private investment firm founded in 1971 and is currently investing from its ninth equity fund, officials said. Frontenac has completed more than 200 family-business transactions during the past 40 years.

William Blair was engaged by Wenner to identify a partner to help recapitalize the company. In connection with the engagement, William Blair said it prepared a confidential investment memorandum, created a management presentation, marketed the company, coordinated the due diligence process and helped negotiate key terms of the definitive transaction agreement.